a suggestions To deposit up to $1.6 billion US dollar coins (USDC) with Coinbase Prime, where you will earn 1.5%, approved by MakerDAO social communication.
after, after Coinbase Institutional The proposal was submitted on September 6, and approved by 75% of the vote on October 24. One third of the treasury underlying the peg stabilization unit, which allows users to deposit securities in exchange for it DAI, the factory stablecoin pegged to the US dollar, represented by USDC. This update is included in a file tweet by MakerDAO.
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Coinbase Prime is a major broker platform for investing in cryptocurrency on an institutional scale. It is a comprehensive solution for institutional use, covering advanced multi-location trading and asset custody, as well as the entire transaction lifecycle. Apart from that, it also contains data, analytics, reporting, seed funding, and operational infrastructure.
After passing MIP 81, MakerDAO joined Coinbase’s institutional reward pilot program, allowing it to earn 1.5% on USDC held in Coinbase’s custody.
The DAO Peg Stability Module (PSM), which is responsible for managing the governance fees that MakerDAO generates from swaps, will be available on Coinbase 24/7.
After approval of MIP Proposal 81, MIP Proposal 82 was also approved. Approval of this proposal will allow the MakerDAO community to issue an additional USDC loan Currency base at $500 million.
Security will be in the form of ETH And the BTCThe loan is to be facilitated by PSM at an interest rate of 4.5% to 6% per month.
The possibility of a rebound and an increase on the horizon
During the 12-hour period, the movement did not appear to be unaffected by recent developments, as no peaks in the movement could be seen. However, the trend line on the chart showed that the asset is trending upwards.
On September 22nd, it reached a low of around $563, but has since recovered and gained more than 60%. MKR price is up more than 1% at the time of writing, settling at around $930.
There was a lot of volatility originally, as seen on the 12 hour chart, with the price swinging up and down several times.
But $797.8 and $657.9 were where the support line appeared. This level of support has been tested and appears to hold. During the price movement, the short and long moving averages, represented by the yellow and blue lines, were visible, both of which act as support.
The areas around $1,082.7 and $1,224.6 acted as resistance.
The analysis of the Fibonacci retracement applied to the 12-hour period showed another downside potential for MKR. A possible rebound to the 0.618 level is possible, which would mean a drop to around $800. Once it reaches the support level, it could start to rise again, with a possible target at $1600.
At the time of writing, USDC has a market capitalization of around $43 billion, making it the sixth largest cryptocurrency in the world. Queen Market Cap metrics. DAI is ranked thirteenth, with a market capitalization of nearly $6 billion.